Brunei Vehicles Market in 2015 dropped 20% at lowest in five hit by the fall of national economy, low investments and weak internal demand. The 2015 was fall was the highest in the last 30 years. Toyota on top of the list.
Economic Outlook
Brunei’s economy gained some momentum and expanded for a second consecutive quarter in Q3 2015. The pickup was driven by a broadening recovery in the country’s oil and gas sector, which accounts for more than half of the economy.
While a combination of lower production due to maintenance works and declining global energy prices dragged on the sector for over two years, notable increases in the production of oil and liquefied natural gas (LNG) facilitated Q3’s acceleration despite a prolonged slide in prices.
These recent readings suggest that, following 2015’s projected moderate contraction, Brunei will return to growth this year. That said, Brunei’s fiscal balance and current account deteriorated drastically last year and will only recover in the medium term.
Market Outlook
Hit by the contraction of GDP with decreasing investments and consumption, in the 2015 the vehicles market in the small and really rich Brunei Sultanate fell down at the lowest in the last five years.
According to data released by the Brunei Automobile Traders Association (BATA), total vehicles sales in the 2015 have been 14.406, down 20.5% compared with the same period last year, scoring the highest annual lost in the last 30 years.
However, expectations for 2016 are moderately positive with a recover foreseen for the second half of the year.
The market leader in the 2015 was again Toyota with less than 4.000 sales losing 15.9% from 2014, followed by Kia, Mitsubishi and Nissan in a row.
Top selling model list was led by Toyota Vios with 1.834 sales ahead of Kia Cerato and Mitsubishi Mirage.
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